GANDHINAGAR: India’s diamond story is taking a new turn. In a recent episode of the Rapaport Diamond Podcast, Devansh Shah, partner at Surat-based Venus Jewels, shed light on the industry’s exciting shift towards crafting larger, more exquisite stones.
“The perception of India being a volume-driven diamond market is slowly changing,” Shah remarked, “because the reality has already transformed.” He emphasized that the global market has witnessed India’s growing expertise in crafting “the most expensive and important diamonds the world has ever seen.”
Venus Jewels, a pioneer in this space, has been at the forefront of this transformation since the 1980s. Shah credits his visionary grandfather, Sevantilal Shah, for recognizing the potential of larger diamonds. Inspired by a chance encounter with a collection of larger stones, the elder Shah saw a golden opportunity, paving the way for Venus’s success.
“His commitment and foresight,” Shah said, “were the driving force behind achieving what many thought impossible for India.” Venus’s success story, he shared, resonated not just within the company but also with “family, friends, and relatives,” ultimately leading to a remarkable transformation of the entire industry. Today, India boasts the capability of manufacturing over 90% of the world’s diamonds.
The podcast delves deeper, exploring Venus’s growing focus on crafting fancy-shaped diamonds and the performance of this segment. It also sheds light on pressing industry concerns, recent advancements in India’s diamond manufacturing sector, and the evolving domestic jewelry market.